The Boston based brand, Karmaloop, has [unfortunately] filed for bankruptcy. Greg Selkoe, CEO of Karmaloop, states “We tried to do too many things … We launched too many different sites in too short of a period of time.” According to the NY Post, the company tried to prevent a Chapter 11 filing, but this attempt seems to have failed,. Greg Selkoe reportedly attempted to approach investors as a means to work out the looming debt, $100 million in write downs on debt and equity to be exact. According to reports, customers were not satisfied with the customer service aspect of the brand, coupled with delayed deliveries. From 2013 to 2014, the brand took a $20 million loss of revenue.

Rumors inspired by a Dame Dash interviews circulates the possibility that Dash and Kanye West will but out the failing business. No official announcement has been made. Selkoe took to Twitter to relay the news. Check below: